TELUS Corporation $TU Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its TELUS stake by 25.5% in the first quarter, selling 168,596 shares and retaining 492,041 shares valued at approximately $6.3 million. Institutional investors and hedge funds collectively own 49.4% of TELUS.
• TELUS shares opened at $9.53, near their 52-week low of $9.20 and well below the $16.72 high. The company recently missed quarterly earnings and revenue expectations, reporting $0.12 EPS versus the $0.16 consensus and $3.47 billion in revenue versus $3.55 billion expected.
• The company declared a quarterly dividend of $0.1875 per share, implying a 7.9% annualized yield, while analyst sentiment remains cautious: the consensus rating is “Reduce” with a $15.33 target price.

Bank of New York Mellon Corp trimmed its holdings in TELUS Corporation (NYSE:TU - Free Report) TSE: T by 25.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 492,041 shares of the Wireless communications provider's stock after selling 168,596 shares during the quarter. Bank of New York Mellon Corp's holdings in TELUS were worth $6,313,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of TU. Cetera Investment Advisers raised its holdings in TELUS by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 46,099 shares of the Wireless communications provider's stock worth $739,000 after purchasing an additional 841 shares during the period. Walter Public Investments Inc. grew its holdings in TELUS by 2.4% in the first quarter. Walter Public Investments Inc. now owns 36,868 shares of the Wireless communications provider's stock valued at $474,000 after purchasing an additional 868 shares during the period. Sanctuary Advisors LLC increased its position in shares of TELUS by 2.8% in the fourth quarter. Sanctuary Advisors LLC now owns 31,454 shares of the Wireless communications provider's stock valued at $415,000 after buying an additional 869 shares in the last quarter. JCIC Asset Management Inc. increased its stake in shares of TELUS by 8.1% during the fourth quarter. JCIC Asset Management Inc. now owns 12,670 shares of the Wireless communications provider's stock worth $167,000 after purchasing an additional 950 shares in the last quarter. Finally, Equitable Holdings Inc. raised its position in shares of TELUS by 10.2% during the 3rd quarter. Equitable Holdings Inc. now owns 11,905 shares of the Wireless communications provider's stock worth $188,000 after purchasing an additional 1,105 shares during the last quarter. 49.40% of the stock is currently owned by institutional investors and hedge funds.

TELUS Stock Performance

Shares of TELUS stock opened at $9.53 on Wednesday. TELUS Corporation has a one year low of $9.20 and a one year high of $16.72. The company has a market cap of $14.99 billion, a PE ratio of -23.23, a P/E/G ratio of 7.44 and a beta of 0.64. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.63 and a current ratio of 0.67. The business has a 50-day simple moving average of $11.07 and a 200-day simple moving average of $12.39.

TELUS (NYSE:TU - Get Free Report) TSE: T last released its earnings results on Friday, July 31st. The Wireless communications provider reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.04). TELUS had a positive return on equity of 8.01% and a negative net margin of 4.51%.The firm had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.55 billion. On average, equities research analysts forecast that TELUS Corporation will post 0.72 EPS for the current fiscal year.

TELUS Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Thursday, September 10th. TELUS's payout ratio is currently -295.12%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Morgan Stanley lowered TELUS to an "underweight" rating in a report on Tuesday, July 21st. Scotiabank reissued a "sector perform" rating on shares of TELUS in a research report on Monday. TD Securities reiterated a "buy" rating on shares of TELUS in a report on Monday. Canadian Imperial Bank of Commerce cut shares of TELUS from a "strong-buy" rating to a "neutral" rating in a research note on Friday. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of TELUS in a report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $15.33.

About TELUS

TELUS Corporation NYSE: TU is a Canadian telecommunications and technology company headquartered in Vancouver, British Columbia. It delivers a broad portfolio of consumer and business communications services across Canada, including mobile wireless, fixed-line voice, broadband internet, and television. TELUS also provides a range of enterprise services such as cloud and IT solutions, managed network services, cybersecurity and Internet of Things (IoT) offerings for business customers.

Beyond core connectivity, TELUS has expanded into health and digital services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source